According to economists at the Bureau of Economic Research (BER), South African motorists could expect to see another hefty hike in the petrol price in February.
In a research note on Monday, the BER said that while global equity and bond markets were calmer last week, there was more action in commodities with the one-month Brent crude oil future ending the week more than 5% higher.
“A combination of oil demand holding up despite the Omicron-driven surge in Covid infections (especially in the US) and supply disruptions boosted the oil price. After some reprieve on the domestic fuel price front in January, the renewed rise in the oil price is likely to result in another hefty fuel price increase in February,” it said.
It is expected that there will also be an increase in the price of electricity, food and interest rates.
Sources: BusinessTech
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